Money Power System.pdf

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ROBERT ALLEN'S MONEY
POWER SYSTEM
FOR MAKING YOUR REAL
ESTATE FORTUNE
“STRATEGY UNITS”
TABLE OF CONTENTS
UNIT ONE: THE BIG PICTURE: THE CASE FOR REAL ESTATE AS A WEALTH-
BUILDING VEHICLE
General Considerations 1
Uncle Sam's Tax Reform 3
Real Estate: Still The Golden Opportunity 4
Income Potential 4
Depreciation (Tax Benefits) 5
Equity Buildup 6
Appreciation 7
Leverage 8
How Much Can I Make? 8
What Does It Take To Succeed In Real Estate? 9
What Is The Action Model For Real Estate? 12
General Considerations 12
Surprise: Real Estate Has An Action Model, Too 13
Put On Your Thinking Cap: PICNIC CAP 17
Chinese Boxes 18
An Assignment 19
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What Kinds Of Properties Are In Your Future? 20
UNIT TWO: HOW TO LOCATE ULTRA-BARGAINS
General Considerations 1
A Few Terms You Should Know 2
Key Points About Finding Flexible Sellers 4
Two Kinds Of Flexible Sellers 5
What Causes Sellers To Be Flexible? 7
Personal Causes of Flexibility 9
Property Causes of Flexibility 11
Economic Causes of Flexibility 12
How Curable Is The Problem? 13
Narrow Down Your Search 15
How To Find The Bargains 15
Newspaper Advertising 16
Realtors 20
Referrals 26
Personal Research 28
Other Advertising 37
Efficiency Factors In Finding Flexible Sellers 38
A Note About the Win/Win Philosophy 40
How Well Have Your Learned? 40
Putting It All Into Practice 41
The Ten Most Asked Questions About Finding Flexible Sellers 44
UNIT THREE: ANALYSIS MADE EASY
General Considerations 1
The Governing Focal Points 2
The Property Selection Grid 3
Four Test Cases 4
The Bargain Finder Form 5
Bargain Finder Checklist 5
Questions For The Seller 11
Assignments 11
UNIT FOUR: NEGOTIATING A WIN/WIN DEAL: THE "HIGH TOUCH" OF REAL
ESTATE
General Considerations 1
A Few Terms You Should Know 2
Key Points About Negotiating 4
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How To Negotiate To Win 5
Three Major Objectives Of The Initial Contact 7
What Questions Should I Ask? 10
Fourteen Rules for Successful Negotiation 10
Rule 1: Negotiate In Person 10
Rule 2: Negotiate Price, Rates, Payments, and Dates 16
Rule 3: Ask Questions 20
Rule 4: Be Patient 23
Rule 5: Build Trust By Being Sensitive To The Seller's Interests 24
Rule 6: Use Pre-established Boundaries of Price/Terms Tolerance 30
Rule 7: The First One To Mention A Number Loses 31
Rule 8: Keep It Simple 34
Rule 9: Remind The Seller Of The Problems You Are Saving Him From 36
Rule 10: Explore "Stab-In-The-Dark" Offers 37
Rule 11: Persist and Persist Again 39
Rule 12: Take Time--Time Lessens Tensions 42
Rule 13: Be Flexible, Be Creative, Be Ready With Alternatives 44
Rule 14: Step Back And Give Yourself A Chance To Think 46
Negotiating Checklist 47
Reasons For Flexibility: And How To Turn Them To Your Advantage 50
Three Tactics To Try When All Else Fails 51
Applying The Win/Win Philosophy In Negotiation 55
How Well Have Your Learned? 56
Putting It All Into Practice 57
The Ten Most Asked Questions About Negotiation 60
UNIT FIVE: CREATIVE FINANCE
General Considerations 1
The Major Factors Of Creative Finance 4
At What Price? 4
Using Whose Financial Resources To Buy? 5
How Soft Or Hard Are The "Other People" Involved? 5
With What Size Of Down Payment? 6
When Is The Down Payment Due? 6
In What Form Of Consideration? 7
At What Rate Of Interest On The Unpaid Balance? 7
For What Repayment Terms? 8
Creative Finance Score Card 8
A Hypothetical Case Study 9
Tricks Of The Trade 12
The Big Secret 13
Creative Footnotes 14
Six Universal Creative Finance Cookie Cutters 15
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The Ultimate Paper Out 15
Blanket Mortgage 17
The Second Mortgage Crank 18
Wrap-Around Mortgage 21
Creating Paper 23
Lease Option 24
Assignments 25
Practicum 26
Chart: Situation Analysis Matrix 27
UNIT SIX: MAKING RISK-FREE OFFERS
The Five Major Benefits Of The Written Offer 1
A Few Terms You Should Know 3
Key Points About Offers and Documentation 6
How To Document Real Estate Offers 6
Steps For Real Estate Documentation 9
Seven Common Mistakes Often Made By Beginning Investors 10
Negotiating The Ranges 14
Establishing The Value Of A Property 20
Which Elements Are Essential To The Real Estate Offer? 22
Documenting The Purchase Agreement Terms 28
Earnest Money Agreement 31
Detailed Explanation Of The Earnest Money Agreement 35
Using A Documentation Checklist 43
Providing For Contingencies 44
How To Make The Counter Offer Your Tool 46
A Note On The Need For Making Offers 48
How Well Have You Learned? 48
UNIT SEVEN: CLOSING THE REAL ESTATE TRANSACTION
General Considerations 1
A Few Terms You Should Know 2
Key Points About Closing The Real Estate Transaction 3
Closing The Real Estate Transaction 4
A Typical Closing or Settlement Meeting 5
Closing Through Escrow 6
Help From Professionals 8
Considerations Before Closing 10
Checklist of Key Action Items In The Closing Process 11
Important Documents 17
Escrow Agreement 27
Making The Closing Go Smoothly 29
Considerations After Closing 32
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A Title Closing Checklist 32
How Well Have You Learned? 34
Putting It All Into Practice 35
The Ten Most Asked Questions About Closings 37
UNIT EIGHT: CREATIVE MANAGEMENT PART A
General Considerations 1
A Few Terms You Should Know 2
Vital Points About Managing Real Estate 3
Keys For Managing Real Estate 4
Key 1: Prepare The Property 5
Beware Of Yuppies 7
Look For Stable Workers 8
How To Find Out What Tenants Want And Are Willing To Pay 8
How To Outdo The Competition 12
How To Get Out Of Doing The Work 14
Key 2: Setting Your Rental Policies 16
An Aside: Consider The Lease Option 25
Key 3: Advertising 27
Key 4: Showing The Property 35
Key 5: Pre-Screening Your Applicants 40
Controlling The Appointment 43
How Well Have You Learned From Part A? 44
Putting Part A Into Practice 46
UNIT EIGHT: CREATIVE MANAGEMENT PART B
A Quick Review 1
A Few More Terms You Should Know 3
More Vital Points About Managing Properties 4
How To Be An Effective Property Manager 5
Key 6: Watch For The Little Things 7
Key 7: A Good Application Is A Must 9
Verification Permission Forms 12
Key 8: Verify The Facts 14
Key 9: Choosing The Right Tenant 17
Key 10: Finalizing The Rental 20
Tenant Policies (Sample) 23
Key 11: You Are Running A Business 27
Key 12: Tenant Relations 34
Key 13: The Responsibility For Profits Is All Yours 38
Key 14: Your Tenants Have Responsibilities, Too 42
Key 15: Don't Forget To Say Thank You 47
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